Before the new era’s measures, which halted squandering, tampering with all aspects of the State, and chaos in government positions, the State wasted many opportunities and even made it appear to be experiencing premature aging and deficits in several sectors. Without a doubt, the tampering has affected the sovereign wealth and all arms of Kuwaiti financial power. It has affected the backbone of the State.
Therefore, after the measures taken in the new era, attention should be given to the Future Generations Fund, social security, oil revenues, and commercial and industrial activities, which, along with other aspects, constitute the gross domestic product (GDP), in addition to openness. Your Highness, the Prime Minister, as a financial and economic expert, we speak frankly to you. “It is now time to consider strengthening the financial industry of Kuwait and to maximize its soft power.” When the Future Generations Fund was established, it was partly for the future and long-term investment, as HH the late Sheikh Jaber Al-Ahmad (may Allah have mercy on him) had envisioned.
Before that, Kuwait was the first in the world to establish an investment fund in 1953. This has accumulated over the past decades. Ironically, Norway, which established a pension fund in 1990, is far ahead of Kuwait despite the recent introduction. Why? Without a doubt, the shortsightedness that citizens are ‘specialized’ in is the reason. China, with its wealth of great minds, did not accept this. In 1978, it hired the British expert of Iraqi origin – Elias Korkis – who made a strategy that turned China into the second-largest economy in the world today. Similarly, Singapore transformed itself from a poor country rife with corruption into the largest productive economy in Asia and an internationally renowned financial center.
Your Highness, the world is changing, and many countries, including those in the region, have far outpaced Kuwait because they tapped local and foreign talents and utilized their sovereign wealth in various productive sectors, both domestically and internationally. At home, they invested in vacant land, built service facilities, and even entertainment cities that helped boost the GDP.
Today, the Social Security Fund serves around 150,000 pensioners. In the future, it will serve thousands more. It suffers from an actuarial deficit, which is easy to address. It has liquidity that can be invested locally; which is much better than losing that money, as it happened in Lebanon. Undoubtedly, oil revenues have an investment function as well – to help develop industrial facilities, not only domestically in the oil industry, but also in many other fields. This requires experts who do not necessarily wear the ‘ghutra’ and ‘egal’, but rather come from abroad and have succeeded in other countries. Today, there is no longer pressure on the government – whether from members of Parliament or influential figures. It has become imperative to begin the process of recovery, with development based on a vision to enhance the GDP on one hand, and achieve economic stability on the other hand.
This can be done by leveraging Kuwait’s soft power tools in the region and the world, building a sound financial system, and preventing the future exploitation of sovereign wealth for reckless adventures. Your Highness the Prime Minister, the path of finance and the economy in America is managed by experts who are not necessarily from the country itself. They are honored and they receive their dues. In Kuwait, there are oil reserves, sovereign wealth, social security, and the Ministry of Finance; that is, if it has people who know how to maneuver and profit. Your Highness, the Prime Minister, all other countries in the world employ the best minds of other nationalities to serve their economies and enhance their GDP. Therefore, applying the popular proverb, “All roads lead to Rome,” has become a necessity. What matters is the decision. This is the time to say that our country, Kuwait, has really changed.
